The Press., 1887-11-17

ington, whose agent he was, and that while it was no part of his duty to report to the stockholders, he had deemed it to be fair that his first statement of the condition in which he found matters should be heard by them He read statement as follows: ASSETS.
 Banks Receivers Estimate. Estimate. Bills receivable, $26S, 1884 17S s55. .55 US bonds to secure circulat'n, 50 OOO.O0 5OOOO.OO Other stocks and bonds, 24, ,5O0.00 20, ,120.O .OO Banking house, 22,O0O.OO 15, ,OOO. .OO Other real estate, l6,gS6.u 100000 s per cent reserve, 2,25O.OO 2,25O. .OO Sash on hand, 1O,625.A 1O,639 .E3 Checks, 17,213.39
 Premium on bonds, 4,65O.oO. 4,O5o:Oo OVerdrafts, 17,934.6l 1,636. .65 One from banks, 63,963.s7 17.52O.17 ... 4s2,s9s.eo s1O,O21 90 g. .-# t LIABILITIES. Circulation, .. 45,OOO.0O Dividends unpaid, SPA 50 Certified checks, 522.56 Certificates of deposit, 6l,i59 os Due other banks, 32,965.4O Due sundry parties, 4,9Oe1s Interest on deposits and certificates of
 deposit, estimated, 100000 '........4. -..- sO1, ,e2s.1
 Assets above liabilities, $S,395.7 To this estimate of salvage is to be add cd the cashiers bond, $15, 5,OOO, making a total of $23, 1885. 76, also further what may be recovered from Mir. Hicks estate, and from it is to be deducted expenses of set l clement of the banks affairs, which are matters of estimate. The estimates of Receiver Joslyn seem to have been care fully made, and as explained by him were accepted by the general sense of the gath ering as we'll based. He explained that he had quite likely estimated the "other real estate quite high, ,as it consisted of house in Brooklyn, N. Y,, yet involved in itiga- tion, and denuded timber tract in Yer mont, but the report will quite likely so average its values as to honor the estimate. The statement is worse than those inter- ested in the bank had hoped for, but it is to be considered that it s.made in view of the proposed winding up of the institution. In the hands of its own officers should it be deemed best to resuscitate the bank the item of "bills receivable" would doubtless bear higher appraisal, for reasons patent to any one who has had experience in cloa- ing up all estate. The shrinking of the banks assets, it is evident, cannot all be charged to Mir. H.individually. The three items of"due from banks, ""overdrafts" and | ''checks" contain most that can be so charg- ed. Col. Joslyn in answer to inquiries stated that his duties did not extend to investiga- tion of irregularities, and that hisnreport only aimed to show the condition of the bank, and what were it's probable assets. The loans to the Vermont lumber con- pany are large item of loss to the hank,
 but it has also had it's losses by several bad failures during the few past years, as have other banks in this section. The flood of 1877 destroyed its banking house, which was total loss, causing beside the labor of large force of men for many days in recovering the lost vault, to do which a large area of ground had to be dug over for many rods and to g considerable depth, also making great expenses for resurveys and preparation of site for rebuilding. Another item of shrinkage is the present banking house, which the receiver ap- praises at $15,O00, and which cost, no doubt, considerably above the banks ap- praisal -$22, ,O0O | ... ..-.. When first constructed the building was put in the list of assets at $23, ,OOO, and the vault and safe at $3, 800, which was below their cost, now the receiver appraises both at $l5, GOO To the revived bank they
 would be worth at least $2G, ,O0O The of- ficers are not responsible for this shrink age, nor that of the premiums on bonds deposited as required by law. On bills receivable the officers are jointly responsi- ble for shrinkage Of these it is to be considered that the receiver had to be careful to make his report absolutely safe to realize the estimate. The officers of the bank would put 8 higher valuation on 1 this asset, and it is quite safe to expect l that there will be no disappointment in realizing from it all that the receiver tells stockholders to expect. azasa ss5 <
 After the report the stockholders present, representing over 1900 of the 2OO0 shares, consulted together. They first passed a vote thanking Col. Joslyn for his able and complete report, and later passed the fol- lowing resolution sssa -
 That committee consisting of W. M. Cor bin of Hartford, u. E. Moore of Palmer and J. Hunt Smith of Norwich, be, and they here by are, appointed and authorized to consider the affairs of the bank and the expediency of resuscitating the same, and report to future meeting of the stockholders, to be called by said committee or the directors of the bank, said committee to have power of substitution.
 The voice of the stockholders, with but one or two exceptions, was in. favor of re- suscitation of the bank. fs.
 The stockholders of the National bank have been called by President Crane to meet at the bank Dec. 18th at II a. m.
 The committee had their first meeting Tuesday. 1t is understood that they are to go over assets just as Receiver Joslyn Al